The award for best bank for sustainable finance, our new category, is designed to reward banks that have advanced the growth of green financing, financial inclusion and social financing – areas that should become increasingly important in mainstream banking.
The first Middle Eastern winner in this category is Arab African International Bank (AAIB), an institution that has already been commended for its ethical commitment with a CSR award two years ago.
What is impressive about AAIB’s approach to sustainable finance is not only how much it is doing to safeguard the environment but also its understanding that involvement in sustainable finance requires transparency.
As a demonstration of its commitment, the bank publishes sustainability reports to Global Reporting Initiative standards, as well as a carbon footprint report. It was also the first bank in Egypt to decide to follow the Equator Principles, a social and environmental risk management framework that helps financial institutions assess and manage environmental and social risks in project finance.
AAIB, under CEO Hassan Abdalla, has also granted $17 million in credit facilities to a large photovoltaic generation park in support of the Egyptian government’s plan to generate electricity from renewable energy sources. And its ‘Keep the coast clean’ initiative strives to restore Egyptian beaches by educating the public about marine debris and the damage caused to the environment by litter.